Hi jackie1002.  This kind of situation is always tricky to deal with. 

As you rightly say, the new debt is not covered by your Trust Deed, so you will need some alternative arrangement for dealing with it.  However, you are not eligible to set up a Debt Arrangement Scheme if you are already in a PTD, even for new debts.

An informal repayment arrangement might be possible, however you are under an obligation to pay as much as you can afford to your PTD so there would be questions asked if you were also paying an amount each month for a new debt.  As such, you really should discuss this problem with your Trustee and see what they may be willing to allow.  To set up another arrangement without doing so might just jeopardise your PTD.

The other option is to terminate the Trust Deed and set up a new one, or go into a bankruptcy instead.  However both of these routes would involve starting your 4-year payment period again unfortunately, which would be a real shame though may be worth considering if doing this would still work out as being better than repaying that new debt in full as well as completing your existing PTD.

Hope that makes sense.  How much are you paying to your PTD currently?

It can be challenging to navigate new debts that arise during an ongoing Protected Trust Deed (PTD). While I'm not a financial advisor, I can provide some general guidance to help you consider your options.

Given the specific circumstances of this new debt, it may be beneficial to consult with a qualified debt advisor or financial professional who can provide personalized advice based on your individual circumstances. They will be able to assess your situation, review the terms of your PTD, and guide you on the best course of action.

They may suggest exploring the possibility of setting up a Formal Debt Management (DAS plan) or Informal Debt Management (DMP plan) alongside your ongoing PTD. These options can help you manage your debts effectively and work towards a resolution. However, it's crucial to seek professional advice to ensure that any new arrangement aligns with your overall financial goals and obligations.

I recommend reaching out to a reputable debt advisory service or financial advisor who can provide tailored guidance based on your specific needs. They will have the expertise to evaluate your situation comprehensively and help you make informed decisions moving forward.

I wish you the best of luck in finding a suitable solution, and I hope that you find the assistance you need to address this new debt effectively.

Welcome to the forum ozzymac13, your participation is appreciated.  Whilst I am sure you were not meaning to imply that the advice provided on this forum is not provided by reputable experts, I think it is worth some clarification in case your comments may be misinterpreted by any newcomers browsing the site.

Two of the experts on this forum, myself and Paul McDougall, are actually qualified insolvency practitioners and Annmarie Macdonald has worked as a manager in the insolvency profession for a long period of time too.  As such, we all have many years of experience advising individuals about their debts both via this forum and within our respective practices.

For anyone interested, further information on our backgrounds, experience and qualifications can be found on the "ABOUT OUR EXPERTS" page here: https://trust-deed.co.uk/debt-solutions/about-our-experts/